INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR vs. MADHAV COPPER LIMITED, BHAVNAGAR

In the result, all six appeals, three by the Revenue and three by the assessee, stand dismissed

Bench: S/Shri Sanjay Garg & Makarand V.Mahadeokar

Section of AO’s Order 147 r.w.s. 143(3) r.w.s. 143(3) r.w.s. 144B 144B 144B Amount of Alleged Bogus 92,95,26,352/- 49,84,90,503/- 412,48,43,029/- Purchases

MADHAV COPPER LTD.,BHAVNAGAR vs. THE INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR

In the result, all six appeals, three by the Revenue and three by the assessee, stand dismissed

Bench: S/Shri Sanjay Garg & Makarand V.Mahadeokar

Section of AO’s Order 147 r.w.s. 143(3) r.w.s. 143(3) r.w.s. 144B 144B 144B Amount of Alleged Bogus 92,95,26,352/- 49,84,90,503/- 412,48,43,029/- Purchases

INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR, BHAVNAGAR vs. MADHAV COPPER LIMITED, BHAVNAGAR

In the result, all six appeals, three by the Revenue and three by the assessee, stand dismissed

Bench: S/Shri Sanjay Garg & Makarand V.Mahadeokar

Section of AO’s Order 147 r.w.s. 143(3) r.w.s. 143(3) r.w.s. 144B 144B 144B Amount of Alleged Bogus 92,95,26,352/- 49,84,90,503/- 412,48,43,029/- Purchases

MADHAV COPPER LTD.,BHAVNAGAR vs. THE INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR

In the result, all six appeals, three by the Revenue and three\nby the assessee, stand dismissed

43,029/-]\n4. Alternatively, and without prejudice, the estimation of profit at the rate\nof 6% is highly excessive and does not reflect the real income earned of\nthe appellant.\n5. Both the lower authorities have erred in not granting set off of the profit\nalready declared in the return of income on alleged bogus purchases\nagainst the estimated profit

MADHAV COPPER LTD.,BHAVNAGAR vs. THE INCOME TAX OFFICER, WARD-1(8), BHAVNAGAR

In the result, all six appeals, three by the Revenue and three\nby the assessee, stand dismissed

43,029/-]\n4. Alternatively, and without prejudice, the estimation of profit at the rate\nof 6% is highly excessive and does not reflect the real income earned of\nthe appellant.\n5. Both the lower authorities have erred in not granting set off of the profit\nalready declared in the return of income on alleged bogus purchases\nagainst the estimated profit

M/S. GSP CROP SCIENCE PVT. LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

In the result, both the appeals of the assessee are partly allowed

Bench: Smt.Annapurna Gupta & Shri Siddhartha Nautiyal

43,82,718 + 10,71,006/-) the claim of Assessee u/s 35(2AB) disregarding the submissions made by the Assessee. 4. Grievance raised by the assessee in the above ground is with respect to disallowance of claim of deduction under section 35(2AB) of the Act amounting to Rs.54,53,724/-. The facts relating to the issue are that

M/S. GSP CROP SCIENCE PVT. LTD.,,AHMEDABAD vs. THE DCIT, CIRCLE-2(1)(1),, AHMEDABAD

In the result, both the appeals of the assessee are partly allowed

Bench: Smt.Annapurna Gupta & Shri Siddhartha Nautiyal

43,82,718 + 10,71,006/-) the claim of Assessee u/s 35(2AB) disregarding the submissions made by the Assessee. 4. Grievance raised by the assessee in the above ground is with respect to disallowance of claim of deduction under section 35(2AB) of the Act amounting to Rs.54,53,724/-. The facts relating to the issue are that

SANKET RAMNIKLAL JOISAR,AHMEDABAD vs. INCOME TAX WARD 1(2)(1), AHD, AHMEDABAD

In the result, appeal filed by the assessee is allowed in above\nterms

43,32,430/- and Rs.1,22,48,970/-;\nrespectively totaling in all to Rs.4,65,81,400/-. He pointed out\nthese facts from Page 7 of the assessment order. Ld. Counsel for\nthe assessee pointed out that during assessment proceedings, the\nassessee furnished complete details of purchases made by him\nduring the year in his business of wholesale of waste

N K PROTEINS PVT. LIMITED,AHMEDABAD vs. THE DY. COMMISSIONER OF INCOME TAX, CIRCLE- 3(1)(1), AHMEDABAD

In the result, no question of law arises

Bench: Dr. B.R.R. Kumar, Vice-Shri T.R. Senthil Kumar

43(5) read with section 73 of the Act being Speculative Loss. Therefore Speculative loss created out of these transactions cannot be set off against the normal business income. SUMMARY 7.4 The above arguments are summarized as under: a. The assessee group is closely linked with NSEL. b. Though NKPL claimed to a broker for NSEL in effect all transactions

THE ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE-1(2), AHMEDABAD vs. N K PROTEINS PRIVATE LIMITED, AHMEDABAD

In the result, no question of law arises

Bench: Dr. B.R.R. Kumar, Vice-Shri T.R. Senthil Kumar

43(5) read with section 73 of the Act being Speculative Loss. Therefore Speculative loss created out of these transactions cannot be set off against the normal business income. SUMMARY 7.4 The above arguments are summarized as under: a. The assessee group is closely linked with NSEL. b. Though NKPL claimed to a broker for NSEL in effect all transactions

HAJIMOHMADSAFI ABDULREHMAN SHAIKH,VADODARA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

bogus purchases had been set aside in entirety by the Hon’ble ITAT for fresh adjudication and therefore the earlier relief granted by the CIT(A) stood merged with the order of the Tribunal. It was observed that the Assessing Officer had rightly re-examined the entire issue in accordance with the directions of the ITAT and hence the contention

HAJIMOHMADSAFI ABDULREHMAN SHAIKH,VADODARA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

bogus purchases had been set aside in entirety by the Hon’ble ITAT for fresh adjudication and therefore the earlier relief granted by the CIT(A) stood merged with the order of the Tribunal. It was observed that the Assessing Officer had rightly re-examined the entire issue in accordance with the directions of the ITAT and hence the contention

HAJIMOHMADSAFI ABDULREHMAN SHAIKH,VADODARA vs. DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

bogus purchases had been set aside in entirety by the Hon’ble ITAT for fresh adjudication and therefore the earlier relief granted by the CIT(A) stood merged with the order of the Tribunal. It was observed that the Assessing Officer had rightly re-examined the entire issue in accordance with the directions of the ITAT and hence the contention

HAJIMOHMADSAFI ABDULREHMAN SHAIKH,VADODARA vs. DEPUTY COMISSIONER OF INCOME TAX, CIRCLE 2(1)(1), VADODARA

In the result, the appeal of the assessee is allowed for statistical purposes

Bench: Smt. Annapurna Gupta & Shri Siddhartha Nautiyal

bogus purchases had been set aside in entirety by the Hon’ble ITAT for fresh adjudication and therefore the earlier relief granted by the CIT(A) stood merged with the order of the Tribunal. It was observed that the Assessing Officer had rightly re-examined the entire issue in accordance with the directions of the ITAT and hence the contention

JMC PROJECTS (INDIA) LTD.,,AHMEDABAD vs. THE ACIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

bogus transactions without supporting documentation. The CIT(A), however, allowed the purchases as genuine after reviewing evidence submitted by the assessee. Gift, Boni, and Chandla The AO disallowed these expenses as non- Expenses business in nature. The CIT(A) partially allowed the expenses as promotional in nature but confirmed a portion as non-business

JMC PROJECTS (INDIA) LTD.,,AHMEDABAD vs. THE ACIT, CENTRAL CIRCLE-1(1),, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

bogus transactions without supporting documentation. The CIT(A), however, allowed the purchases as genuine after reviewing evidence submitted by the assessee. Gift, Boni, and Chandla The AO disallowed these expenses as non- Expenses business in nature. The CIT(A) partially allowed the expenses as promotional in nature but confirmed a portion as non-business

THE DY. CIT, CIRCLE-1(1)(2),, AHMEDABAD vs. JMC PROJECTS (INDIA) LIMITED,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

bogus transactions without supporting documentation. The CIT(A), however, allowed the purchases as genuine after reviewing evidence submitted by the assessee. Gift, Boni, and Chandla The AO disallowed these expenses as non- Expenses business in nature. The CIT(A) partially allowed the expenses as promotional in nature but confirmed a portion as non-business

JMC PROJECTS (INDIA) LTD.,,AHMEDABAD vs. THE ACIT.,(OSD)-I,RANGE-4,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

bogus transactions without supporting documentation. The CIT(A), however, allowed the purchases as genuine after reviewing evidence submitted by the assessee. Gift, Boni, and Chandla The AO disallowed these expenses as non- Expenses business in nature. The CIT(A) partially allowed the expenses as promotional in nature but confirmed a portion as non-business

THE ACIT, CIRCLE-2(1)(2),, AHMEDABAD vs. JMC PROJECTS (INDIA) LIMITED,, AHMEDABAD

Bench: Ms. Suchitra Kamble & Shri Makarand V. Mahadeokar

bogus transactions without supporting documentation. The CIT(A), however, allowed the purchases as genuine after reviewing evidence submitted by the assessee. Gift, Boni, and Chandla The AO disallowed these expenses as non- Expenses business in nature. The CIT(A) partially allowed the expenses as promotional in nature but confirmed a portion as non-business